Norway's BW Energy Q2 profit  rise on higher oil prices

Overview

• Norway oil and gas producer's Q2 net profit and EBITDA rose on higher prices and sales volumes

• Company achieved record-high quarterly operating cash flow and strengthened liquidity position

• Key development projects, including Bourdon and Golfinho, progressing on schedule and within budget

Outlook

• BW Energy maintains 2026 production guidance at 24-27 kbopd

• Company expects 2026 production cost at USD 22-26 per barrel

• BW Energy remains on track to increase net production to over 100,000 bpd in 2028

Result Drivers

• HIGHER OIL PRICES - Co said improved profitability and record operating cash flow were driven by higher realised oil prices

• INCREASED SALES VOLUMES - Co attributed improved results to higher sales volumes in the quarter

• PROJECT ADVANCEMENT - Progress on Bourdon and Golfinho projects and start of MaBoMo Phase 2 drilling expected to support future production growth

Company press release: ID:nMFN3JsrqL

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 5 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the oil gas exploration and production peer group is "buy"

• Wall Street's median 12-month price target for BW Energy Ltd is NOK73.00, about 38.3% above its July 29 closing price of NOK52.80

• The stock recently traded at 6 times the next 12-month earnings vs. a P/E of 12 three months ago

Reuters Recommended Reads

• July 28 - DNO resumes oil production from Iraqi Kurdistan fields

• July 29 - Canada's Vermilion Energy Q2 profit rises, raises annual production outlook

• July 29 - Cenovus raises 2026 production outlook as quarterly profit more than triples

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)